FRANKFURT: Deutsche Bank surprised investors yesterday with 2.5 billion euros (US$3.9bil) of writedowns in the wake of the global credit crisis, equivalent to more than a third of its 2007 net profit.
Chief executive Josef Ackermann told investors conditions had deteriorated dramatically in recent weeks and said the bank would write down 2.5 billion euros on the value of loans it has committed to as well as other risky investments, sending its shares down.
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